Eicher Motors is exhibiting a bullish setup on the weekly chart, with strong potential for upward movement.
📊 Chart Overview:
🎯 Fibonacci Targets:
📈 Trading Strategy:
✅ Entry Plan:Wait for a retest of ₹5000-5100 as support. Enter upon bullish reversal signals (e.g., hammer, bullish engulfing candles, or volume confirmation).
❌ Stop-Loss: Place a stop-loss slightly below ₹5,000 to mitigate risks.
🔄 Trailing Stop-Loss: Start with a fixed stop-loss below the support zone.
Adjust as follows:
₹5,400 (after reaching initial profits).
₹5,875 (first target).
⚠️ Disclaimer: This is for informational purposes only and not financial advice. Always conduct your research and consult a financial professional before making trading decisions.
📊 Chart Overview:
- Breakout Confirmed: Price has broken above the ₹5,100 resistance zone, which had acted as a significant supply area.
- Retest Likely: A pullback to the breakout zone could offer an ideal entry point for long positions.
🎯 Fibonacci Targets:
- Breakout Level: ₹5,200 (0% Fibonacci extension).
- Target 1: ₹5,875 (61.8% Fibonacci extension).
- Target 2: ₹6,250 (100% Fibonacci extension).
📈 Trading Strategy:
✅ Entry Plan:Wait for a retest of ₹5000-5100 as support. Enter upon bullish reversal signals (e.g., hammer, bullish engulfing candles, or volume confirmation).
❌ Stop-Loss: Place a stop-loss slightly below ₹5,000 to mitigate risks.
🔄 Trailing Stop-Loss: Start with a fixed stop-loss below the support zone.
Adjust as follows:
₹5,400 (after reaching initial profits).
₹5,875 (first target).
⚠️ Disclaimer: This is for informational purposes only and not financial advice. Always conduct your research and consult a financial professional before making trading decisions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.